Wednesday Closing Livestock Market Update - Traders Continue to Push Contracts Higher

GENERAL COMMENTS:

With more than enough technical support backing the complex, the livestock contracts were able to successfully rally through Wednesday's close. Still no cash cattle trade has surfaced. May corn is up 3 1/2 cents per bushel and May soybean meal is up $7.40. The Dow Jones Industrial Average is up 307.65 points and the NASDAQ is up 288.40 points.

LIVE CATTLE:

The live cattle complex ended the day stronger as traders were able to push the contracts modestly higher through the day's end. We still haven't heard any official news on whether or not a strike could happen at the JBS plant in Greeley, Colorado, but today that didn't seem to be as big a burr under traders' saddles as it was on Tuesday. April live cattle closed $1.17 higher at $240.27, June live cattle closed $1.15 higher at $236.70 and August live cattle closed $1.07 higher at $234.60. Still no cash cattle trade has developed and both bids and asking prices remain elusive at this point. 

Wednesday's slaughter is estimated at 110,000 head, 3,000 head less than a week ago and 12,000 head less than a year ago.

Boxed beef prices closed higher: choice up $1.80 ($379.23) and select up $1.06 ($367.07) with a movement of 99 loads (60.22 loads of choice, 7.73 loads of select, 17.33 loads of trim and 14.05 loads of ground beef).

THURSDAY'S CATTLE CALL: Steady/somewhat higher. If a strike does indeed happen, there's a chance prices may hold steady, but if no strike occurs, feedlot managers will again aim to see prices trade higher.

FEEDER CATTLE:

With the live cattle market's stronger support, the feeder cattle contracts were able to close higher as well Wednesday afternoon. March feeders closed $1.20 higher at $366.30, April feeders closed $1.82 higher at $364.02 and May feeders closed $2.17 higher at $360.65. The market will likely run into some resistance pressure around $370, which could cause traders to hold the market steady or push it slightly lower at that point. At Creston Livestock in Creston, Iowa, compared to their last feeder cattle auction two weeks ago, feeder cattle traded steady, but a higher tone was noted on the heavier yearlings, cattle weighing 850 to 900 pounds sold $3.00 to $5.00 higher. Heifers weighing 500 to 700 pounds sold steady, but those weighing heavier traded $3.00 to $5.00 stronger. Feeder cattle supply over 600 pounds was 94%. The CME feeder cattle index 2/24/2026: down $0.62, $374.79.

LEAN HOGS:

Without having any concern about resistance pressure currently, the lean hog complex was able to continue with its rally through Wednesday's close. April lean hogs closed $0.40 higher at $96.20, June lean hogs closed $0.15 higher at $110.17 and July lean hogs closed $0.27 higher at $112.05. It was exciting to see the $3.45 jump in the rib, and the $3.21 jump in the belly, both of which helped push the carcass price higher Wednesday afternoon. Hog prices on the Daily Direct Afternoon Hog Report averaged $91.21, on 7,605 head, and a five-day rolling average of $91.01. Pork cutouts totaled 280.56 loads with 233.28 loads of pork cuts and 47.28 loads of trim. Pork cutout values: up $0.67, $97.62. Wednesday's slaughter is estimated at 492,000 head, 9,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 2/23/2026: up $0.18, $88.35.

THURSDAY'S HOG CALL: Lower. At this point, packers have been very active in the cash market this week, and prices could trend lower later in the week.

Wednesday Midday Livestock Market Summary - Prices Trend Higher

GENERAL COMMENTS:

Thus far Wednesday has been fruitful for the livestock complex as all three of the markets are higher. Still no cash cattle trade has developed, and it's likely trade will be delayed until Friday again this week. May corn is up 4 1/4 cents per bushel and May soybean meal is up $6.90. The Dow Jones Industrial Average is up 245.49 points and NASDAQ is up 261.58 points.

LIVE CATTLE:

Although we still haven't heard whether or not there will be a union strike at the JBS plant in Greeley, Colorado, traders seem comfortable advancing the contracts Wednesday morning. April live cattle is up $2.02 at $241.12, June live cattle is up $2.00 at $237.55 and August live cattle are up $1.92 at $235.45. Still no cash cattle trade has developed and it's most likely trade will be delayed until Friday. If a plant strike does happen in Colorado, then there's a chance prices may trade steady as opposed to higher as not as many cattle would be needed in the immediate future.

Boxed beef prices are higher: choice up $1.92 ($379.35) and select up $0.75 ($366.76) with a movement of 59 loads (34.16 loads of choice, 4.69 loads of select, 8.08 loads of trim and 11.88 loads of ground beef).

FEEDER CATTLE:

Upon seeing the live cattle complex step out and comfortably trade higher, the feeder cattle contracts are logging a sizeable rally ahead of Wednesday's noon hour. March feeders are up $2.90 at $368.00, April feeders are up $3.45 at $365.65 and May feeders are up $3.77 at $362.25. So long as nothing sends the live cattle contracts tumbling lower, the feeder cattle contracts will likely be able to sustain this rally through the afternoon.

LEAN HOGS:

The lean hog complex is continuing to trade higher, keeping with what is now a seven-day rally as traders continue to drive the market higher upon the technical interest they've recently found. It's been interesting to watch the market's fundamentals play out over the last seven trading days as pork cutout values have been mostly mixed, but packer interest in the cash market has been better. April lean hogs are up $0.55 at $96.35, June lean hogs are up $0.30 at $110.32 and July lean hogs are up $0.40 at $112.17.

The projected CME Lean Hog Index for 2/24/2026 is up $0.36 at $88.71 and the actual index for 2/23/2026 is up $0.18 at $88.35. Hog prices on the Daily Direct Morning Hog Report average $91.85, ranging from $85.00 to $93.00 on 4,920 head and a five-day rolling average of $90.87. Pork cutouts total 189.01 loads with 160.07 loads of pork cuts and 28.94 loads of trim. Pork cutout values: up $1.50, $98.45.

Wednesday Morning Livestock Market Update - Uncertainty Remains in the Cattle Market

GENERAL COMMENTS:

The February live cattle contract is heading for completion and will end trading on Friday. It may show limited volatility as the contract winds down. Cash cattle have not traded, but the overall sentiment is for higher prices. The union at the JBS Greeley plant is hosting a three-day registration event for the strike, with the last registration day on Thursday. Union workers must sign up to take part in a potential strike that has not yet occurred. This potential strike is keeping traders cautious as it is uncertain what impact it would have on the market. The current slaughter continues to run at a slower pace than a year ago. The slower slaughter pace may have finally done what packers have been hoping for -- increased boxed beef prices. On Tuesday, choice cuts jumped $8.21 and select increased $1.70.

Hog futures pushed higher with nearby April leading the way. The December and later contracts made new contract highs with six days of consecutive gains in all contracts. The strong cash price on Monday was unusual and indicated that packers needed hogs and aggressively bid for them. It seems odd that packers did not submit prices on Tuesday on the National Daily Direct Afternoon Hog report despite a volume of 11,211 hogs traded on a negotiated basis. No price change was reported nor a weighted average price. Pork cutouts declined $0.45. The slaughter pace continues to exceed that of a year ago and most often the previous week.

	BULL SIDE		BEAR SIDE
1)	Cash cattle are anticipated to trade higher this week and futures will need to move in line with cash.	1)	The uncertainty of the impact of a strike at the JBS Greeley plant may keep traders cautious and unwilling to push futures higher.
2)	Boxed beef had an incredible jump in the choice price on Tuesday. The slower slaughter pace is not due to reduced demand.	2)	Packers were able to purchase some cattle ahead of last week. They may not need to be as aggressive this week, with steady cash as a possibility.
3)	Hog futures regained more of the recent loss with the December and later contracts making new highs.	3)	Hog futures have regained most of what was lost in the recent decline. It may be difficult to see more upside without further fundamental support.
4)	Increased slaughter indicates improved pork demand. More consumers are turning to pork.	4)	Packers purchased quite a few hogs so far this week. They may be less aggressive the rest of the week in the cash market.

Tuesday Closing Livestock Market Update - Most Livestock Contracts Close Higher

GENERAL COMMENTS:

Although some of the live cattle contracts were pressured to trade lower earlier Tuesday, by the afternoon's close most of the live cattle contracts closed higher, along with the feeder cattle and lean hog contracts too. Still no cash cattle trade has developed. March corn is up 1/4 cent per bushel and May soybean meal is up $1.90. The Dow Jones Industrial Average is up 378.64 points and NASDAQ is up 243.33 points.

LIVE CATTLE:

The live cattle complex had a change of tune throughout Tuesday as initially the nearby contracts were concerned with the idea of trading higher as that may be biting off too much risk. However, as the day moved onward, traders grew more confident and eventually allowed the nearby live cattle contracts to join the deferred contracts in an upward trend. Aside from the spot April contract, the rest of the live cattle complex was able to close higher Tuesday afternoon as traders were pleased to note the uptick in boxed beef prices. April live cattle closed $0.15 lower at $239.10, June live cattle closed $0.10 higher at $235.55 and August live cattle closed $0.17 higher at $233.52. Still no trade has developed in the fed cash cattle market and no bids or asking prices have surfaced either. It's most likely trade will be delayed until Thursday or Friday. 

Tuesday's slaughter is estimated at 111,000 head -- 4,000 head less than a week ago and 11,000 head less than a year ago.

Boxed beef prices closed higher: choice up $8.21 ($377.43) and select up $1.70 ($366.01) with a movement of 102 loads (71.17 loads of choice, 10.13 loads of select, 5.18 loads of trim and 15.80 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. Even though packers were able to get a sizeable volume bought and committed to the nearby delivery option last week, they'll still need to remain engaged and active in the market to ensure they've got enough inventory for the weeks ahead.

FEEDER CATTLE:

The feeder cattle complex was able to round out the day higher as the live cattle contracts changed their direction and closed mostly higher too. Traders simply felt the market was in a safe enough position to justify a slightly higher end to the day regardless of what the live cattle contracts did. March feeders closed $0.80 higher at $365.10, April feeders closed $0.85 higher at $362.20 and May feeders closed $0.50 higher at $358.47. At Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week feeder steers and heifers traded steady to $3.00 lower, and those weighing 600 to 700 pounds traded $10.00 to $15.00 higher. Steer calves traded steady to $5.00 higher and heifer calves sold up to $25.00 higher. Feeder cattle supply over 600 pounds was 70%. The CME Feeder Cattle Index 2/23/2026: down $0.39, $375.41.

LEAN HOGS:

Without fear of running into immediate resistance pressure, the lean hog complex continues to rally day after day. This push seems to be a technical rally as, although cash prices have been higher, pork cutout values have been a tick softer. April lean hogs closed $2.10 higher at $95.80, June lean hogs closed $1.70 higher at $110.02 and July lean hogs closed $1.42 higher at $111.77. The biggest deterrent in this afternoon's cutout report was the $2.64 decline in the picnic, and the $2.49 decline in the ham -- both of which pulled the carcass price lower. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.32 with a weighted average price of $91.28 on 5,601 head. Pork cutouts total 337.86 loads with 292.56 loads of pork cuts and 45.30 loads of trim. Pork cutout values: down $0.45, $96.95. Tuesday's slaughter is estimated at 489,000 head -- 6,000 head more than a week ago and 5,000 head more than a year ago. The CME Lean Hog Index for 2/20/2026: up $0.22, $88.17.

WEDNESDAY'S HOG CALL: Steady/somewhat lower. Given that packers have bought fairly aggressively early this week, there's a chance they're still short bought and could need more hogs, or are mostly done buying for the week.NES

Tuesday Midday Livestock Market Summary - Except for a Couple of Nearby Live Cattle Contracts, the Complex is Trending Higher

GENERAL COMMENTS:

The livestock complex is trading mostly higher as we head into Tuesday's noon hour. Aside from a couple of nearby live cattle contracts, the rest of the livestock complex is trending mostly higher. Still no cash cattle trade has developed and it's likely trade won't surface until Thursday or Friday. March corn is down 3/4 cent per bushel and May soybean meal is up $1.20. The Dow Jones Industrial Average is up 413.31 points and NASDAQ is up 251.57 points.

LIVE CATTLE:

The live cattle complex is continuing to trade mixed as it's unclear whether or not an agreement was reached at the JBS packing plant in Greeley, Colorado, to avoid a union plant strike. This uncertainty has the nearby contracts trading slightly lower, while the deferred contracts are currently trading mildly higher. Still no cash cattle trade has developed, and it's unlikely any trade will surface ahead of Thursday or Friday. April live cattle are down $0.25 at $239.00, June live cattle are down $0.17 at $235.32 and August live cattle are down $0.02 at $233.32.

Boxed beef prices are higher: choice up $6.65 ($375.87) and select up $1.79 ($366.10) with a movement of 58 loads (39.59 loads of choice, 4.96 loads of select, zero loads of trim and 13.79 loads of ground beef).

FEEDER CATTLE:

The live cattle complex may be trading mixed, but the feeder cattle contracts have found a little more support and are currently fully higher moving into Tuesday's noon hour. More than anything it seems the market is no longer up against immediate resistance pressure, which is why traders are comfortable to now allow the contracts to push slightly higher. March feeders are up $0.70 at $365.00, April feeders are up $0.87 at $362.15 and May feeders are up $0.90 at $358.87.

LEAN HOGS:

The lean hog complex is keeping with its recent trend and is trading higher into Tuesday's noon hour. April lean hogs are up $2.02 at $95.72, June lean hogs are up $1.75 at $110.10 and July lean hogs are up $1.50 at $111.85. This morning pork cutout values are down slightly, but prices were stronger Monday and the market remains far enough away from technical resistance pressure that traders are comfortable advancing the contracts at this point in time.

The projected CME Lean Hog Index for 2/23/2026 is up $0.18 at $88.35, and the actual index for 2/20/2026 is up $0.22 at $88.17. Hog prices are unavailable on the Daily Direct Morning Hog report because of confidentiality. However, we can see 6,271 head have traded this morning and that the market's five-day rolling average sits at $89.33. Pork cutouts total 175.93 loads with 158.00 loads of pork cuts and 17.93 loads of trim. Pork cutout values: down $0.20, $97.20.

Tuesday Morning Livestock Market Update - Uncertainty May Result in Further Liquidation

GENERAL COMMENTS:

Cattle futures were expected to trade higher in response to the Cattle on Feed report, but after spending some time in positive territory, the uncertainty of the impact of a potential strike at the JBS Greeley plant took center stage. This overrode any other bullishness present in the market. The strike has not yet taken place, but 99% of the workers voted for a strike and picket signs are being made. The plant in Greeley is a major packing plant and would disrupt a substantial supply of beef and tallow. It is uncertain whether that would cause cattle prices to decline, as other packing plants will continue to operate and need to increase chain speed to take up the slack. Boxed beef prices were higher on Monday, with choice up $2.53 and select up $3.57.

Hog futures posted steady gains on Monday with limited fanfare. Traders continue to support the market after the recent sell-off, anticipating increased demand from high beef prices. Futures have regained more than half of their losses with prices closing higher for five consecutive days. The National Dairy Direct Afternoon Hog report showed cash up $2.32, moving the weighted average price up to $91.28. It is very unusual for packers to be this aggressive at the beginning of the week. They may be more aggressive today and obtain the hogs they need earlier in the week. Pork cutout values increased by $1.79. This combination should provide further support to the market.

	BULL SIDE		BEAR SIDE
1)	Lower placements on the Cattle on Feed report should support the market as supplies will remain tight.	1)	The uncertainty of the impact of a potential strike at the JBS Greeley plant will keep traders uncertain and willing to liquidate long positions to preserve a profit.
2)	There has been no definite date set for a strike at the JBS Greeley plant. If it gets settled, the market will rebound quickly.	2)	The inability of cattle futures to close the chart gaps may signal that the market may be running out of steam, with further strength difficult to find.
3)	Packers being aggressive with hog purchases on a Monday is rare. Demand may be increasing significantly, and they need to get their hands on more hogs.	3)	Packers may purchase hogs early in the week and then step back, resulting in lower cash developing the rest of the week.
4)	Hog futures have regained more than half of the recent losses as traders are comfortable buying with the trend.	4)	Hog futures have regained more than half of the losses and may be in line with where they should be. This may limit further gains and may develop a sideways trading pattern.

Monday Closing Livestock Market Update - Cattle Close Lower While Hogs Inch Higher

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the cattle contracts closed lower in fear of what may develop with the potential union strike at the JBS plant in Greeley, but the lean hog contracts closed higher as demand remains strong. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. March corn is steady and May soybean meal is down $1.30. The Dow Jones Industrial Average is down 821.91 points and the NASDAQ is down 258.80 points.

LIVE CATTLE:

The live cattle complex ended the day lower, as traders are cautious not to be too supportive of the contracts without knowing what's going to develop with the looming potential of a strike at the JBS packing plant in Greeley, Colorado. April live cattle closed $2.75 lower at $239.25, June live cattle closed $2.07 lower at $235.45 and August live cattle closed $1.62 lower at $233.35. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. Monday's slaughter is estimated at 106,000 head, incomparable to last week but 10,000 head more than a year ago.

Last week's trade was truly a rallying force as the futures complex traded higher throughout the vast majority of the week, and the fed cash cattle complex scored higher prices once again late on Friday when trade finally began to develop. Last week, Northern dressed cattle traded anywhere from $380 to $388.50, but mostly at $388, which is $7.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $249, which is $1.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 74,704 head. Of that 86% (64,460 head) were committed to the market's nearby delivery, while the remaining 14% (10,244 head) were committed to the market's deferred delivery option.

Boxed beef prices closed higher: choice up $2.52 ($369.22) and select up $3.57 ($364.31) with a movement of 75 loads (44.02 loads of choice, 7.54 loads of select, 9.84 loads of trim and 13.94 loads of ground beef).

TUESDAY'S CATTLE CALL: Steady/somewhat higher. Packers were able to get some cattle purchased and committed to the nearby delivery last week, but with supplies thin, they're going to need to remain engaged in the market to ensure they have enough supplies moving forward.

FEEDER CATTLE:

In keeping with the alignment of the live cattle market and its direction, the feeder cattle contracts closed lower as traders weren't willing to push the feeder cattle contracts higher at a time when the live cattle contracts were trading lower. March feeders closed $3.72 lower at $364.30, April feeders closed $3.70 lower at $361.35 and May feeders closed $3.02 lower at $357.97. At Joplin Regional Stockyards in Carthage, Missouri, compared to last week and at their midsession point, feeder steers were trading anywhere from $10.00 lower to $15.00 higher. Feeder heifers under 550 pounds were selling $5.00 to $10.00 lower, but the heavier-weighted heifers were traded steady to $10.00 higher. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 2/20/2026: down $1.57, $375.80.

LEAN HOGS:

With the slight uptick in pork demand and no fear of nearing resistance pressure in the futures complex, the lean hog complex closed higher Monday afternoon. April lean hogs closed $0.02 higher at $93.70, June lean hogs closed $0.50 higher at $108.32 and July lean hogs closed $0.50 higher at $110.35. Hog prices closed higher on the Daily Direct Morning Hog Report, up $2.32 with a weighted average price of $91.28 on 5,601 head. Pork cutouts total 239.00 loads with 211.67 loads of pork cuts and 27.33 loads of trim. Pork cutout values: up $1.79, $97.40. Monday's slaughter is estimated at 489,000 head, incomparable to last week but 1,000 head more than a year ago. The CME lean hog index 2/19/2026: up $0.36, $87.95.

TUESDAY'S HOG CALL: Steady. Packers showed modest interest in the cash hog market on Monday, and they'll likely need more hogs, but prices may hold steady.

Monday Midday Livestock Market Summary - Cattle Sink Lower Amid External Pressure

GENERAL COMMENTS:

The cattle complex is seeing a lot of pressure Monday morning thus far as external factors are driving the futures lower. But with a slight uptick in pork demand, the lean hog complex continues to scale higher. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado. The Down Jones Industrial Average is down 819.11 points and the NASDAQ is down 289.93 points.

LIVE CATTLE :

The live cattle complex is trading mostly lower as traders cautiously enter the new week, hoping fundamental support will again surface and help guide the contracts higher. But thus far throughout Monday's trade the complex has traded lower, as caution remains the underlying theme. April live cattle are down $2.45 at $239.55, June live cattle are down $2.10 at $235.52 and August live cattle are down $1.72 at $233.25. The pressure seems to stem from a number of different sources, as traders have noted the downturn in the equity markets, are aware of the uptick in the grain complex, and are also mulling around last Friday's Cattle on Feed report. Nevertheless, it seems as though the market will likely keep its mundane attitude through Monday's close. New showlists appear to be mixed, lower in Kansas and Texas, but higher in Nebraska/Colorado.

Last week Northern dressed cattle traded anywhere from $380 to $388.50, but mostly at $388, which is $7.00 higher than the previous week's weighted average. Southern live cattle traded at mostly $249, which is $1.00 higher than the previous week's weighted average.

Boxed beef prices are higher: choice up $1.28 ($367.98) and select up $3.09 ($363.83) with a movement of 51 loads (26.85 loads of choice, 4.38 loads of select, 8.94 loads of trim and 10.48 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is also lower as traders aren't willing to advance the feeder cattle market at a time live cattle contracts are lower and grain prices are seeing a modest jump. March feeders are down $4.15 at $363.87, April feeders are down $4.30 at $360.75 and May feeders are down $3.62 at $357.37. And at this point it's very unlikely the market will change its direction and turn higher ahead of the day's close as a doggish attitude is currently overwhelming the market.

LEAN HOGS:

The cattle contracts may be trading lower, but the lean hog complex is keeping with its current trend and continuing to trade higher as traders are pleased with the morning uptick in pork demand, and once again aren't up against immediate pressure of hitting technical resistance. April lean hogs are up $0.65 at $94.32, June lean hogs are up $0.95 at $108.77 and July lean hogs are up $0.90 at $110.72.

The projected CME Lean Hog Index is delayed from the source. Hog prices are higher on the Daily Direct Morning Hog Report, up $0.65 with a weighted average price of $89.61, ranging from $87.00 to $92.00 on 1,776 head and a five-day rolling average of $89.33. Pork cutouts total 165.65 loads with 143.52 loads of pork cuts and 22.13 loads of trim. Pork cutout values: up $2.26, $97.87.

Monday Morning Livestock Market Update - Cattle Futures Are Expected to Open Higher

GENERAL COMMENTS:

Cattle futures closed lower despite ongoing positive fundamentals. Traders decided to err on the side of caution ahead of the cash trade and the Cattle on Feed report. Surprisingly, traders were cautious despite some light trading ahead of the close, indicating higher cash trade. History has shown that even a negative Cattle on Feed report has had a negative reaction of limited duration. Yet, traders were cautious. Cash cattle traded higher, with Southern cattle $1.00 to $2.00 higher. Northern dressed cattle traded $6.00 higher. The Cattle on Feed report was neutral to slightly bullish, with Cattle on Feed at 98% of a year ago, placements at 95%, and marketings at 87%. The on-feed and marketings were close to expectations, while placements were 1.7% below expectations, providing the bullish aspect of the report. Cattle futures should trade higher today as traders focus on the fundamentals. Boxed beef prices were higher, with choice up $1.53 and select up $0.95. The Commitment of Traders report showed the fund traders adding 8,413 live cattle futures contracts, bringing their net-long position to 115,052. Traders added 797 long feeder cattle futures contracts, bringing their net-long positions to 18,766.

Hog futures closed higher as the market slowly regains the losses. It was expected that cash would be lower as packers showed little interest on Friday. However, that was viewed by traders as temporary and that packers were going to retain higher slaughter speeds and may be more aggressive this week. The National Daily Direct Afternoon Hog report showed cash down $2.08. Pork cutout values declined by $0.67. Hog futures may follow the strength that is expected in the cattle market, as continued high beef prices should support pork demand. The Commitment of Traders report showed the fund traders selling 17,245 futures positions, reducing their net long to 111,218 contracts.

	BULL SIDE		BEAR SIDE
1)	Placements in January were below the average trade expectation and 5% below a year ago. On-feed numbers were slightly below the average expectation.	1)	Cattle marketings in January were 3% below a year ago. This was in line with expectations and reflects the slower slaughter pace.
2)	Cash cattle traded higher as packers needed to step up to purchase what they needed. This will give traders confidence to buy into the market.	2)	Cattle futures may maintain a sideways pattern for the time being despite the neutral to friendly report.
3)	The hog market has been trending higher, regaining some of the losses of the recent downturn. Traders have been regaining confidence to buy into the market.	3)	Cash hogs continue to struggle to move above and maintain a cash price above $90.00.
4)	Hog futures should gain support from a higher cattle market, as higher beef prices should stimulate higher pork demand.	4)	The higher slaughter pace has not tightened the hog supply. Packers have little difficulty purchasing what they need without being too aggressive.

Friday Closing Livestock Market Update - Cattle Close Lower, Waiting to See What Afternoon Revealed

GENERAL COMMENTS:

The livestock complex ended the day mixed. Cattle contracts were hesitant, not knowing what the cash cattle market or USDA Cattle on Feed report were going to amount to. But the lean hog complex closed higher, as traders have found some technical support and interest. March corn is up 1 3/4 cents per bushel, and March soybean meal is up $5. The Dow Jones Industrial Average is up 230.81 points, and the NASDAQ is up 203.34 points.

LIVE CATTLE:

The live cattle complex closed lower as traders were apprehensive to push the contracts higher ahead of seeing what the fed cash cattle market was going to do or before they could see what Friday afternoon's Cattle on Feed report revealed. The Cattle on Feed report turned out to be neutral to slightly bullish. And based on what cash cattle trade has developed, it's trend has been higher too. (Look for more on the Feb. 1 Cattle on Feed report in the DTN Ag News menu.)

At the time of this writing, only a handful of cattle had sold in the South, but prices were marked at $249, which was $1 higher than last week's weighted average. But Northern cattle had traded at mostly $388, which was $7 higher than last week's weighted average. Given that only a small handful of cattle had traded in the South, it wouldn't be surprising to see that price improve when more cattle begin to be traded, as feedlot managers are keenly aware of the market's limited supply of market-ready fats. 

Friday's slaughter is estimated at 89,000 head -- 3,000 head more than a week ago and 19,000 head less than a year ago. Saturday's slaughter is projected to be around zero head of cattle. The week's total slaughter is estimated at 516,000 head -- 25,000 head less than a week ago and 48,000 head less than a year ago.

Boxed beef prices are higher: choice up $1.53 ($366.70) and select up $0.95 ($360.74) with a movement of 106 loads (75.66 loads of choice, 4.41 loads of select, 21.32 loads of trim and 4.78 loads of ground beef).

MONDAY'S CATTLE CALL: Higher. With supplies thin, it's likely that the trend is going to continue to inch higher until later in the year.

FEEDER CATTLE:

The feeder cattle complex followed in the direction of the live cattle market, as traders weren't willing to push the contracts ahead of a big-hitting afternoon where the fed cash cattle market was still up for discussion. And the Cattle on Feed report was obviously released after the day's close, too. March feeders closed $2.25 lower at $368.02, April feeders closed $2.60 lower at $365.05 and May feeders closed $2.57 lower at $361. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week and throughout the entire state, feeder steers traded steady to $3 higher, and feeder heifers traded $2 to $8 higher. Steer calves over 450 pounds sold $4 to $5 higher, but steers under 450 pounds sold $15 to $20 higher. Heifer calves weighing over 450 pounds traded $4 to $9 higher, but heifers under 450 pounds sold $9 to $11 higher. Feeder cattle supply over 600 pounds was 64%. The CME feeder cattle index 2/19/2026: up $0.45, $377.37.

LEAN HOGS:

Although the cattle contracts had to be a tick cautious heading into Friday's closing, the lean hog complex was able to continue with its minor rally, as traders weren't up against any immediate resistance threshold. April lean hogs closed $0.22 higher at $93.67, June lean hogs closed $0.65 higher at $107.82, and July lean hogs closed $0.87 higher at $109.85. And again, on Friday afternoon, the market's support didn't come from strong fundamentals, as pork cash prices and pork cutout values closed lower. Hog prices are lower on the Daily Direct Afternoon Hog Report, down $2.08 with a weighted average price of $88.96 on 1,513 head. Pork cutouts total 254.64 load with 223.39 loads of pork cuts and 31.26 loads of trim. Pork cutout values: down $0.67, $95.61. Friday's slaughter is estimated at 460,000 head -- 14,000 head more than a week ago and 6,000 head less than a year ago. Saturday's slaughter is projected to be around 144,000 head. The CME lean hog index 2/18/2026: up $0.40, $87.59.

MONDAY'S HOG CALL: Lower. Packers rarely show much interest in the cash hog market on Mondays.

Friday Midday Livestock Market Update - Cattle Trade Lower

GENERAL COMMENTS:

The livestock complex is trading mixed into Friday's noon hour as the cattle contracts dip slightly lower ahead of seeing this afternoon's Cattle on Feed report and upon not seeing any fed cash cattle trade yet. Bids are currently on the table live at $245, but no cattle have sold. March corn is up 2 1/4 cents per bushel and March soybean meal is up $6.90. The Dow Jones Industrial Average is down 110.11 points and NASDAQ is up 87.11 points.

LIVE CATTLE:

The live cattle complex is trading mildly lower as the market continues to wait for some fed cash cattle trade to develop. Bids are currently on the table in both regions, with live prices being offered in both the North and the South at $245, but no cattle have traded yet. And there's a chance that feedlot managers may hold out until after this afternoon's Cattle on Feed report is released before they sell any cattle. In the meantime, the live cattle contracts are trading slightly lower as traders try to remain patient, but there's yet to be anything substantially developed from a bullish fundamental perspective to help boost the futures market moral. February live cattle are down $0.10 at $247.40, April live cattle are up $0.75 at $242.65 and June live cattle are up $0.55 at $238.32.

Boxed beef prices are higher: choice up $1.50 ($366.67) and select up $1.26 ($361.05) with a movement of 65 loads (54.27 loads of choice, 2.46 loads of select, 4.79 loads of trim and 3.66 loads of ground beef).

FEEDER CATTLE:

Keeping in alignment with the live cattle complex, the feeder cattle contracts are also trading lower into Friday's noon hour. March feeders are down $0.75 at $369.47, April feeders are down $1.07 at $366.57 and May feeders are down $0.87 at $362.67. And unless the direction of the live cattle contract's change, it's unlikely that the feeder cattle contracts will find much more support ahead of the afternoon's close, even though demand is strong for calves and feeders and the Cattle on Feed report is expected to be bullish.

LEAN HOGS:

The lean hog contracts continue to scale higher as traders are not currently up against any immediate fears of resistance pressure. April lean hogs are up $0.45 at $93.90, June lean hogs are up $0.77 at $107.95 and July lean hogs are up $0.92 at $109.90. And yes, pork cutout values are still lower, but traders don't feel like they need an abundance of fundamental support given that they're not challenging technical resistance pressure right now.

The projected lean hog index for 2/19/2026 is up $0.36 at $87.95, and the actual index for 2/18/2026 is up $0.40 at $87.59. Hog prices on the Daily Direct Morning Hog Report average $88.96, ranging from $86.00 to $92.00 on 1,353 head and a five-day rolling average of $88.96. Pork cutouts total 181.28 loads with 163.70 loads of pork cuts and 17.59 loads of trim. Pork cutout values: down $0.39, $95.89.

Friday Morning Livestock Market Update - Traders Cautious Ahead of Cash and the Cattle on Feed Report

GENERAL COMMENTS:

Traders had no direction from cash to determine the strength or weakness of futures. This resulted in mixed trade with nearby contacts, anticipating higher cash prices. However, the lack of definite movement in live cattle and lower prices for feeder cattle might have been influenced by the upcoming Cattle on Feed report to be released after the close today. The trade estimates cattle on feed on Feb. 1 at 98.5% of a year ago, with estimates ranging from 97.8% to 98.8%. Placements in January are estimated at 96.7% with a range of 92.7% to 99.5%. Marketings are estimated at 87.0% with a range of estimates from 86.7% to 88.0%. Despite traders remaining cautious ahead of the report, a bearish report may be short-lived as market fundamentals will override any bearish numbers. There would be an immediate reaction, but prices will correct to align with current fundamentals. Boxed beef prices were mixed again, with choice up $1.37 and select down $0.84.

Hog futures were able to rebound for the third consecutive day through the end of the year. Traders have not been enthusiastically buying back into the market, but it has been slowly trending higher. It was surprising to see the strength in the cash market. The National Daily Direct Afternoon Hog report was up $2.70. However, with the strong packer interest on Thursday, they have likely finished buying for the week. Pork cutout values were $0.72 higher. This combination should provide further support to the market today. The strong slaughter pace indicates continued strong pork movement.

	BULL SIDE		BEAR SIDE
1)	The Cattle on Feed report should be supportive with lower placements and a lower number of cattle on feed.	1)	The placement estimates have a large range again, and if the actual numbers are near the top of the range, selling would take place on Monday.
2)	The cash cattle trade is anticipated to be higher due to packers not having purchased many cattle ahead. They will need to pay more money to obtain them.	2)	Boxed beef prices cannot seem to find consistent support. This may indicate that demand might have reached a threshold.
3)	Traders are slowly stepping back into the market with long positions. The market was overdone to the downside and is now correcting.	3)	Hog futures may have difficulty regaining the losses of last week unless cash and cutouts find consistent support.
4)	Strong cash and higher cutouts on Thursday should provide further support to futures today.	4)	Packers are not expected to be aggressive today as they should have finished most of their purchases for the week.

Thursday Closing Livestock Market Update - Mixed Tones Follow Complex

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts unable to collectively trade higher as they're skeptical do so before seeing what the cash market unveils this week. Still no cash cattle trade has developed and both bids and asking prices remain elusive. March corn is down 1 1/4 cents per bushel and March soybean meal is up $0.90. The Dow Jones Industrial Average is down 267.50 points and the NASDAQ is down 70.90 points.

LIVE CATTLE:

It was another mixed day for the live cattle complex as the market saw its nearby contracts maintain a slightly higher position, while the market's deferred contracts closed lower. More than anything, it seems as though traders soberly recognize the fact that fed cash cattle supplies will be thin well through the first quarter of the year, and potentially into the first part of the second quarter, which is likely why traders allowed the February through August 2026 contracts to close mildly higher while the rest of the deferred contracts closed lower. February live cattle closed $0.90 higher at $247.50, April live cattle closed $0.90 higher at $243.42 and June live cattle closed $0.45 higher at $238.87. Still no cash cattle trade has developed, and there's a chance that trade could be delayed until after Friday's Cattle on Feed report. 

Thursday's slaughter is estimated at 112,000 head, 3,000 head less than a week ago and 1,000 head less than a year ago.

Boxed beef prices are unavailable due to packer data submission issues.

FRIDAY'S CATTLE CALL: Higher. It's fully assumed that prices will be higher again this week when cattle do begin to trade.

FEEDER CATTLE:

The live cattle contracts may have been able to close slightly higher through Thursday's end, but the feeder cattle contracts weren't as fortunate, although their decline was minimal. March feeders closed $0.30 lower at $370.27, April feeders closed $0.35 lower at $367.65 and May feeders closed $0.65 lower at $363.57. At the Clovis Livestock Auction in Clovis, New Mexico, compared to last week, steer calves traded $5.00 to $15.00 higher, with instances even sharply higher; yearling steers traded $7.00 to $14.00 stronger. Heifer calves weighing 400 to 450 pounds traded $6.00 lower, while heifers weighing 450 to 600 pounds traded higher. Feeder heifers sold steady to $10.00 higher. Slaughter cows sold $2.00 to $4.00 higher and slaughter bulls traded $3.00 lower. Feeder cattle supply over 600 pounds was 38%. The CME feeder cattle index: not available at this time.

LEAN HOGS:

The lean hog complex had a mostly successful day, where the contracts were again able to inch slightly higher as they're no longer up against immediate resistance pressure. April lean hogs closed $0.90 higher at $93.45, June lean hogs closed $0.57 higher at $107.17 and July lean hogs closed $0.47 higher at $108.97. It was positive to note that pork cutout values closed stronger, which was mainly led by the butt's $4.41 increase. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.70 with a weighted average price of $91.04 on 4,390 head. Pork cutouts totaled 317.67 loads with 289.89 loads of pork cuts and 27.78 loads of trim. Pork cutout values: up $0.72, $96.28. Thursday's slaughter is estimated at 491,000 head -- 35,000 head more than a week ago and 21,000 head more than a year ago. The CME lean hog index 2/17/2026: up $0.06, $87.19.

FRIDAY'S HOG CALL: Lower. At this point, packers aren't likely to buy much more in the cash hog market this week.

Thursday Midday Livestock Market Update - Mixed Tones Drift Throughout Cattle Complex

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Thursday, as the hog complex continues to be met with technical support, but the cattle complex would ideally like to see some support develop from the fed cash cattle market. Still no cattle have traded. March corn is down 2 3/4 cents per bushel and March soybean meal is up $0.50. The Dow Jones Industrial Average is down 262.93 points and the NASDAQ is down 64.03 points.

LIVE CATTLE:

The live cattle complex is trading mixed into midday Thursday, as the market is currently seeing its nearby contracts trading higher while the deferred months scale lower. It would appear as though the nearby contracts are trading higher, although no trade has developed yet in the fed cash cattle market, as traders know that supplies of market-ready cattle are going to be thin through the first quarter and potentially partway through the second quarter, which may be part of the reason why the February through June contracts are higher. February live cattle are up $0.47 at $247.07, April live cattle are up $0.52 at $243.05 and June live cattle are up $0.17 at $238.60. Absolutely nothing has developed yet in the fed cash cattle market, and there's a chance that trade could be delayed until after Friday's Cattle on Feed report.

Boxed beef prices are higher: choice up $1.30 ($365.10) and select up $0.05 ($360.68) with a movement of 54 loads (36.97 loads of choice, 9.47 loads of select, zero loads of trim and 7.16 loads of ground beef).

FEEDER CATTLE:

The feeder cattle contracts aren't as bullish this morning as traders yearn to see continued fundamental support before they'll likely push the contracts much higher. March feeders are down $0.22 at $370.35, April feeders are down $0.10 at $367.90 and May feeders are down $0.07 at $364.15. And another part of the market's cautiousness could be stemming from the fact that traders are holding a slightly more cautious position ahead of the Cattle on Feed report.

LEAN HOGS:

The lean hog complex is trading mostly higher into Thursday's noon hour as once again, trades aren't feeling pressured by any resistance thresholds following the past week's sharp downturn. April lean hogs are up $0.70 at $93.25, June lean hogs are up $0.45 at $107.10 and July lean hogs are up $0.37 at $108.87. Pork cutout values are up slightly, but not enough to make any impactful difference for traders.

The projected lean hog index for 2/18/2026 is up $0.40 at $87.59 and the actual index for 2/17/2026 is up $0.05 at $87.19. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. The only thing we can note from the report is that 3,665 head have traded this morning. Pork cutouts total 178.19 loads with 163.95 loads of pork cuts and 14.24 loads of trim. Pork cutout values: up $0.54, $96.10.

Thursday Morning Livestock Market Update - Hog Futures May Show Further Gains

GENERAL COMMENTS:

Cattle futures closed mixed after a lackluster day. The anticipation is for cash cattle to trade higher this week, but traders need to see greater evidence to support that idea. It would be surprising to see cash cattle trade today, as packers are hoping feedlots need to move cattle and will settle for steady money with last week. Feedlots know that packers have not surrounded themselves with many cattle. Higher offers are likely to be maintained, and packers will need to bid up to purchase what they need. The reduced slaughter pace has not yet resulted in the desired results of supporting boxed beef prices and backing up cattle. Boxed beef prices on Wednesday were mixed, with choice down $0.96 and select up $0.41. Feedlots continue to pay a premium for feeder cattle due to tight supplies.

Traders tested the upside of the hog market on Wednesday to see whether the market may have found support. With futures closing higher, it may provide more confidence for traders to buy more aggressively into the market today. The National Dairy Direct Afternoon Hog report showed cash up $0.11 on a good volume of hogs purchased. Packers are not likely to bid higher for hogs today, as much of the buying may be complete. Pork cutout values were down $0.32, indicating that current demand is not increasing as hoped. Weekly hog weights increased to an average of 292.0 pounds, remaining 2.4 pounds above a year ago.

	BULL SIDE		BEAR SIDE
1)	Feedlots will likely hold for higher cash due to packers likely being short-bought. They will need to purchase cattle aggressively.	1)	The choice/select beef price spread is currently below both last year and the three-year average. This may indicate consumers have reached a threshold.
2)	Feedlots continue to pay a premium for cattle as supplies are tight and they need to keep their pens full.	2)	Cattle traders may take a wait-and-see attitude today rather than buying futures aggressively ahead of cash trade.
3)	Hog futures have closed higher over the past two days, which may give traders confidence to buy into the market.	3)	Weekly hog weight increased by 0.5 pounds to an average of 292.0 pounds. This is 2.4 pounds higher than a year ago.
4)	The slaughter pace remains strong and above a year ago, keeping market-ready hogs from backing up in the market.	4)	Packers may not be aggressive the rest of the week, as they may have purchased most of the hogs they need.

Wednesday Closing Livestock Market Update - Hogs Trade Higher While Cattle Close Mixed

GENERAL COMMENTS:

The livestock complex closed mixed, with the cattle contracts seeing mixed support from traders, but the lean hog contracts were able to close fully higher. Still no trade has developed in the fed cash cattle market. March corn is up 3/4 cent per bushel and March soybean meal is down $1.90. The Dow Jones Industrial Average is up 129.47 points and the NASDAQ is up 175.25 points.

LIVE CATTLE:

Following Tuesday's wild rally, the live cattle complex had a less enthusiastic day throughout Wednesday's trade as the market closed mixed. More than anything, traders simply didn't seem to feel comfortable boldly advancing the complex without seeing additional fundamental support develop first. February live cattle closed $0.05 higher at $246.60, April live cattle closed $0.27 lower at $242.52 and June live cattle closed $0.02 lower at $238.42. No trade has surfaced yet in the fed cash cattle market, and trade is likely to be delayed until Friday again this week. 

Wednesday's slaughter is estimated at 113,000 head, 3,000 head less than a week ago and 4,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.96 ($363.80) and select up $0.41 ($360.63) with a movement of 111 loads (79.49 loads of choice, 9.16 loads of select, 12.00 loads of trim and 9.96 loads of ground beef).

THURSDAY'S CATTLE CALL: Higher. With fed cash cattle supplies thin, it's assumed that prices will trend higher again this week.

FEEDER CATTLE:

The feeder cattle complex rounded out the day mostly higher, seeming to look to the strong demand in the countryside for calves and feeders, and not get discouraged by the lower trend in some of the live cattle contracts. March feeders closed $0.40 lower at $370.57, April feeders closed $0.17 higher at $368.00 and May feeders closed $0.42 higher at $364.22. At the Joplin Regional Stockyards in Carthage, Missouri, compared to last week, feeder steers under 800 pounds sold $5.00 to $20.00 higher. And yearling steers over 800 pounds sold $10.00 lower to $3.00 higher. Feeder heifers sold unevenly, ranging from $15.00 lower to $20.00 higher across most weights. Feeder cattle supply over 600 pounds was 68%. The CME feeder cattle index 2/17/2026: down $0.05, $376.02.

LEAN HOGS:

Although the market didn't see an uptick in pork demand, traders continued to advance the lean hog complex as they're no longer technically pressured by the market's resistance threshold following the severe sell-off over the past week. April lean hogs closed $0.25 higher at $92.55, June lean hogs closed $0.75 higher at $106.60 and July lean hogs closed $0.77 higher at $108.50. And although traders would ideally like to see the continued support of strong pork demand, they're technically in a position where they can trade the market higher without coming up against any resistance pressure, which is why they were able to advance the market again today. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $0.11 with a weighted average price of $88.34 on 8,246 head. Pork cutouts totaled 260.34 loads with 230.32 loads of pork cuts and 30.02 loads of trim. Pork cutout values: down $0.32, $95.56. Wednesday's slaughter is estimated at 488,000 head, 1,000 head more than a week ago and 7,000 head more than a year ago. The CME lean hog index 2/16/2026: up $0.07, $87.13.

THURSDAY'S HOG CALL: Lower. With packers having bought moderately over the last two days, they'll likely be less aggressive in the market on Thursday.

Wednesday Midday Livestock Market Update - Cattle Trade Mixed While Hogs Head Higher

GENERAL COMMENTS:

The livestock complex is trading mixed into midday Wednesday as the market is trading cautiously in the cattle sector but has stumbled into some technical support in the hog complex. Still no cash cattle trade has developed. March corn is steady and March soybean meal is down $2.20. The Dow Jones Industrial Average is up 309.55 points and the NASDAQ is up 282.78 points.

LIVE CATTLE:

After rallying to highs not seen since October, the live cattle complex is now trading mostly lower as traders look for reassurance from the market's fundamentals. February live cattle are down $0.37 at $246.17, April live cattle are down $0.30 at $242.50 and June live cattle are down $0.05 at $238.40. The cash cattle market remains absolutely silent, with no bids or asking prices having been noted yet. It's most likely that trade will be delayed until Friday again this week, and it is assumed that fed cash cattle prices will be higher again this week.

Boxed beef prices are mixed: choice down $1.26 ($363.50) and select up $0.99 ($361.21) with a movement of 58 loads (43.87 loads of choice, 6.35 loads of select, zero loads of trim and 8.12 loads of ground beef).

FEEDER CATTLE:

The feeder cattle complex is trading slightly more optimistically into midday Wednesday than the live cattle complex, as its contracts are trading mixed. Helping keep the feeder cattle contracts elevated is the strong demand in the countryside, as buyers know that supplies are going to remain thin and that if they want to fill their orders, they have to buy aggressively. March feeders are down $0.20 at $370.77, April feeders are up $0.02 at $367.85 and May feeders are up $0.35 at $364.15.

LEAN HOGS:

The lean hog complex is trading fully higher into Wednesday's noon hour as the market is pleased to have found some technical support after its straining downturn over the last week. April lean hogs are up $0.20 at $92.50, June lean hogs are up $0.72 at $106.57 and July lean hogs are up $0.72 at $108.45. Fundamental support remains lagging, and traders will eventually desire to see more support in pork demand.

The projected lean hog index for 2/17/2026 is up $0.05 at $87.19 and the actual index for 2/16/2026 is up $0.08 at $87.13. Hog prices are again unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 855 head have traded and that the market's five-day rolling average now sits at $87.00. Pork cutouts totaled 174.46 loads with 155.43 loads of pork cuts and 19.03 loads of trim. Pork cutout values: down $0.25, $95.63.

Wednesday Morning Livestock Market Update - Futures Find Support

GENERAL COMMENTS:

Traders stepped into the cattle market aggressively after the three-day weekend. Cash cattle traded higher on Friday after the close. Traders reacted to the higher cash prices, moving futures closer in line with cash. Live cattle futures gapped open but were unable to hold the day's highs. This does not mitigate the potential for further strength as futures remain below the level of the cash trade last week. The higher beef prices have not reduced demand as consumers prefer beef and are willing to pay for it. Tight cattle supplies may tighten further as there is little indication of the cattle herd rebuilding. The potential for increased beef imports may have little impact on the market. Boxed beef prices closed lower, with choice down $3.01 and select down $1.01. Feeder cattle futures did not gap open but moved higher in response to the strength of live cattle.

Hog futures moved moderately higher as the liquidation phase seemed to have run its course. Futures have corrected from being overbought, which generated some buying interest. The fact that futures were not able to hold the highs may indicate it might be difficult for the market to regain the losses anytime soon. The National Daily Direct Afternoon Hog report showed a gain of $2.99. Packers may be somewhat aggressive with purchases today but may not pay higher prices the rest of the week. Pork cutouts declined $0.97 to $95.88.

	BULL SIDE		BEAR SIDE
1)	Cattle futures are lower than cash and may move higher to reduce the spread. Cash cattle are expected to be higher again this week.	1)	Live cattle gapped higher on the open after the extended weekend. This gap may be filled in the near term.
2)	Packers have not been able to purchase many cattle for deferred delivery, reducing any leverage they may have in the cash market.	2)	Boxed beef prices continue to struggle to trend higher. Consumers may be near a threshold of prices they are willing to pay for beef.
3)	Hog futures seem to have completed the liquidation phase, increasing the interest of traders to buy into the market on the potential for a price retracement.	3)	The inability of hog futures to hold the highs on Tuesday may indicate it might be difficult to regain the losses.
4)	There is potential for increased pork demand over time. Pork cutout values are trending higher despite increased slaughter.	4)	Packers may have a good volume of hogs purchased for the week and remain less aggressive and pay lower prices.

Tuesday Closing Livestock Market Update - Strong Trader Support Helped Drive Contracts Higher

GENERAL COMMENTS:

The livestock complex had a rather successful day as all three of the markets closed higher as traders eagerly jumped into the new week. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas. March corn is down 5 1/2 cents per bushel and March soybean meal is down $3.40. The Dow Jones Industrial Average is up 32.26 points and the NASDAQ is up 31.71 points.

LIVE CATTLE:

What a day, what a day, what a day it was for the live cattle complex as support poured into the sector from both the market's fundamental and technical facets. With last week's strong performance in the fed cash cattle market, where prices traded $4.00 higher in both regions and the five-area weighted average was pushed to $245.62 (a new all time high for the fed cash cattle market) traders saw all the fundamental support they needed to push the contracts sharply higher from the day's get go and keep the market trading higher through the day's close. February live cattle closed $3.47 higher at $246.55, April live cattle closed $2.17 higher at $242.80 and June live cattle closed $2.30 higher at $238.45. And while someone may want to point to today's weaker close in boxed beef prices, do remember that February has historically been a tough month to sell beef, and by and large, even with prices as high as they are, consumers haven't weakened in their quest for more beef. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas.

Tuesday's slaughter is estimated at 115,000 head, 1,000 head less than a week ago and 3,000 head less than a year ago.

Last week, Southern live cattle were marked at mostly $248, which is $4.00 higher than the previous week's weighted average and Northern dressed cattle traded at mostly $382, which is also $4.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 59,651 head. Of that 95% (56,657 head) were committed to the market's nearby delivery, while the remaining 5% (2,994 head) were committed to the market's deferred delivery option.

Boxed beef prices closed lower: choice down $3.01 ($364.76) and select down $1.01 ($360.22) with a movement of 119 loads (94.68 loads of choice, 9.85 loads of select, 7.45 loads of trim and 7.49 loads of ground beef).

WEDNESDAY'S CATTLE CALL: Higher. With fed cash cattle supplies so thin, prices will likely be even higher this week.

FEEDER CATTLE:

The feeder cattle complex had all the support it could hope for throughout the day as the market was pleased to note the uptick in the fed cash cattle complex, along with seeing the live cattle contracts trading higher, all of which collectively made it relatively easy for traders to push the contracts through the day's end. March feeders closed $4.82 higher at $370.97, April feeders closed $4.37 higher at $367.82 and May feeders closed $4.37 higher at $363.80. At the Oklahoma National Stockyards in Oklahoma City, Oklahoma, compared to last week, feeder steers traded steady to $4.00 higher, and feeder heifers traded $5.00 to $10.00 higher. Steer calves sold mostly steady and heifer calves traded steady to $5.00 higher. It was noted in the sale report that buyers were a little more selective for type and kind, which logically makes sense when they are paying these types of prices. Feeder cattle supply over 600 pounds was 65%. The CME feeder cattle index 2/16/2026: up $0.99, $376.07.

LEAN HOGS:

The lean hog complex didn't receive unwavering, fundamental support throughout the day, as cash prices were a tick higher, but pork cutout values closed lower, which means that today's higher close in the futures complex stems from the fact that traders simply believe that the market has endured enough downward pressure for the time being. April lean hogs closed $1.02 higher at $92.30, June lean hogs closed $1.30 higher at $105.85 and July lean hogs closed $1.47 higher at $107.72. Hog prices closed higher on the Daily Direct Afternoon Hog Report, up $2.99 with a weighted average price of $88.23 on 2,460 head. Pork cutouts totaled 267.85 loads with 241.89 loads of pork cuts and 25.96 loads of trim. Pork cutout values: down $0.97, $95.88. Tuesday's slaughter is estimated at 493,000 head, 1,000 head less than a week ago and 15,000 head more than a year ago. The CME lean hog index 2/13/2026: $0.13, $87.06.

WEDNESDAY'S HOG CALL: Lower. Given that prices were slightly higher today, there's a chance that prices may scale slightly lower on Wednesday as packers haven't been overly aggressive in the cash market lately.

Tuesday Midday Livestock Market Update - Traders Happily Push Contracts Higher

GENERAL COMMENTS:

The livestock complex is trading higher into midday Tuesday as the cattle complex is delighted to note the $4.00 advancement in last week's cash market, and the lean hog contracts have finally found some technical support. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas. March corn is down 4 1/4 cents per bushel and March soybean meal is down $2.70. The Dow Jones Industrial Average is down 40.63 points and the NASDAQ is down 69.81 points.

LIVE CATTLE:

It's been a wildly successful day thus far for the live cattle complex as the market is seeing immense support from traders, which is helping the contracts scale well over $1.00 higher into midday Tuesday. More than anything, the robust fundamental support from last week's cash cattle market, mixed with the bullish long-term trajectory, seems to have traders' full attention this morning. February live cattle are up $3.07 at $246.15, April live cattle are up $1.90 at $242.52 and June live cattle are up $1.95 at $238.10. New showlists appear to be mixed, higher in Nebraska/Colorado, about steady in Kansas, and lower in Texas.

Last week, Southern live cattle were marked at mostly $248, which is $4.00 higher than the previous week's weighted average and Northern dressed cattle traded at mostly $382, which is also $4.00 higher than the previous week's weighted average. Last week's negotiated cash cattle trade totaled 59,651 head. Of that 95% (56,657 head) were committed to the market's nearby delivery, while the remaining 5% (2,994 head) were committed to the market's deferred delivery option.

Boxed beef prices are mixed: choice up $0.86 ($366.91) and select up $0.14 ($361.37) with a movement of 62 loads (45.85 loads of choice, 5.50 loads of select, 3.48 loads of trim and 6.86 loads of ground beef).

FEEDER CATTLE:

Upon noting the strength of last week's fed cash cattle trade and seeing how traders are energetically supporting the live cattle contracts, it's been an easy decision for traders to push the feeder cattle contracts higher. March feeders are up $4.15 at $370.30, April feeders are up $3.97 at $367.42 and May feeders are up $3.97 at $363.40. So long as the live cattle complex continues to trade higher through the day's close, the feeder cattle contracts will likely follow in the same direction.

LEAN HOGS:

After a tumultuous downturn over the last seven trading days, the lean hog complex has finally found some technical support as traders potentially believe that the contracts have created enough space from the contract highs scored in early February. April lean hogs are up $0.95 at $92.22, June lean hogs are up $1.35 at $105.90 and July lean hogs are up $1.55 at $107.80. Pork cutout values are a tick lower this morning, but that doesn't seem to be affecting traders at this point.

The projected lean hog index for 2/16/2026 is up $0.08 at $87.13 and the actual index for 2/13/2026 is up $0.13 at $87.06. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 205 head have traded this morning and that the market's five-day rolling average now sits at $87.58. Pork cutouts total 141.07 loads with 127.40 loads of pork cuts and 13.67 loads of trim. Pork cutout values: down $1.43, $95.42.

Tuesday Morning Livestock Market Update - Traders May Be Aggressive Buyers of Cattle Futures

GENERAL COMMENTS:

Cash cattle traded as much as $4 higher late on Friday. With the markets closed on Monday, traders were not able to react to the higher cash. This may bring bullish traders into the market aggressively today. Even with packers reducing slaughter, it is not backing up cattle and lowering prices. Feedlots continue to hold for higher cash with record weights not having an impact. The February live cattle price is below cash and likely will move in line with the cash market. Boxed beef prices were mixed on Monday, with choice up $3.30 and select down $2.19. The Commitment of Traders report showed fund traders reducing their net-long live cattle long futures positions by 5,132 contracts to 106,639. The long positions in feeder cattle futures were increased by 34 contracts to 17,959.

Hog futures saw further weakness on Friday, with contracts falling to the lowest level in a month. The correction of the oversold condition has been fast and severe. With contracts closing near the lows on Friday, there may be some follow-through selling today. However, after correcting from being overbought, traders may be willing to be aggressive buyers after the three-day weekend. The National Dairy Direct Afternoon Hog report on Monday showed cash up $0.02. Packers may be more aggressive today. Pork cutout values increased by $1.69. The combination of higher cash, higher cutouts, and a correction from overbought conditions may give traders confidence to buy back into the market. The Commitment of Traders report showed the fund traders adding 5,067 long futures positions to increase their net-long position to 128,463.

	BULL SIDE		BEAR SIDE
1)	Higher cash trade last week indicates continued strong demand for beef, requiring packers to remain aggressive buyers.	1)	Both live and feeder cattle futures have not been able to break through resistance. Traders may remain cautious.
2)	Live cattle futures are below cash and will need to move higher to reduce the discount.	2)	At some point, high beef prices may reduce consumer demand enough to impact the market.
3)	Hog futures have corrected the overbought condition, with the market back to a neutral technical position. Buyers may step back in more confidently.	3)	Hog futures closing near the lows on Friday suggest follow-through selling could take place at the beginning of trading.
4)	Packers are expected to purchase hogs more aggressively as they intend to obtain the numbers they need earlier in the week.	4)	The supply of market-ready hogs remains sufficient, leaving packers less aggressive in the cash market.

Friday Closing Livestock Market Update - Cash Cattle Trade $4.00 Higher

GENERAL COMMENTS:

It was a mixed day for the livestock complex as the futures market closed mostly lower, but the cash cattle complex saw some positive momentum ahead of the week's end. Northern dressed cattle traded at mostly $382, which is $4.00 higher than last week's weighted average and Southern live cattle traded at $248, which is also $4.00 higher than last week's weighted average. March corn is up 1/2 cent per bushel and March soybean meal is up $1.30. The Dow Jones Industrial Average is up 48.95 points and the NASDAQ is down 50.48 points.

From Friday to Friday, livestock futures scored the following changes: February live cattle up $5.33, April live cattle up $3.38; March feeder cattle down $1.27, April feeder cattle up $0.65; April lean hogs down $6.68, June lean hogs down $6.05; March corn up $0.01, May corn up $0.03.

**The markets will be closed on Monday, Feb. 16, for Presidents Day. Regular DTN commentary will resume on Tuesday, Feb. 17.**

LIVE CATTLE:

The live cattle contracts closed lower as traders weren't willing to allow the contracts to scale higher without first seeing what the fed cash cattle market was going to accomplish. Luckily, stronger trade developed in the cash sector shortly after the market closed. Northern dressed cattle traded at mostly $382, which is $4.00 higher than last week's weighted average and Southern live cattle traded at $248, which is also $4.00 higher than last week's weighted average. 

Friday's slaughter is estimated at 86,000 head, 1,000 head more than a week ago and 15,000 head less than a year ago. Saturday's slaughter is estimated to be around 1,000 head. The week's total slaughter is estimated at 541,000 head, 5,000 head more than a week ago and 19,000 head less than a year ago.

Boxed beef prices closed mixed: choice down $0.37 ($364.47), select up $0.39 ($363.42) with a movement of 60 loads (37.38 loads of choice, 7.83 loads of select, 9.56 loads of trim and 4.79 loads of ground beef).

TUESDAY'S CATTLE CALL: It's likely again, next week, fed cash cattle prices will trade higher.

FEEDER CATTLE:

The feeder cattle complex closed mixed, with the furthest deferred months maintaining a stronger position, but the market's nearby contracts were fearful to hold their higher position ahead of the day's close as the live cattle contracts closed lower. March feeders closed $0.42 higher at $366.15, April feeders closed $0.17 lower at $363.45 and May feeders closed $0.47 higher at $359.42. The Oklahoma Weekly Cattle Auction Summary shared that compared to last week, feeder steers over 800 pounds sold $2.00 to $4.00 lower, but steers under 800 pounds traded $5.00 to $10.00 higher. Feeder heifers over 700 pounds sold steady to $5.00 lower, and steers under 700 pounds traded $2.00 to $7.00 higher. Steer and heifer calves traded unevenly steady. The cattle market was mixed this week and struggled to establish a consistent trend. Grazing-type cattle were the exception, as demand from grass accounts remained very strong. Feeder cattle supply over 600 pounds was 69%. The CME feeder cattle index 2/12/2026: up $0.04, $373.91.

LEAN HOGS:

The lean hog complex closed mostly lower Friday afternoon, as the market is fearful of an overabundance of supply and was disappointed to see pork cutout values close lower, too. April lean hogs closed $0.55 lower at $91.27, June lean hogs closed $1.00 lower at $104.55 and July lean hogs closed $1.10 lower at $106.25. Unfortunately, it's tough to tell when the downward trend may end, as traders are quickly pulling the contracts away from the highs established last week. Pork cutout values tipping lower could cause more downward pressure, too. Hog prices closed lower on the Daily Direct Afternoon Hog Report, down $1.73 with a weighted average price of $85.22 on 1,229 head. Pork cutouts total 253.58 loads with 212.81 loads of pork cuts and 40.78 loads of trim. Pork cutout values: down $0.49, $95.16. Friday's slaughter is estimated at 446,000 head, 44,000 head less than a week ago and 35,000 head less than a year ago. Saturday's slaughter is projected to be around 129,000 head. The CME lean hog index 2/11/2026: up $0.37, $86.89.

TUESDAY'S HOG CALL: Lower. Packers won't likely show significant interest in the cash market on Tuesday.

Friday Midday Livestock Market Summary - Cattle Futures Move Lower While Waiting for Cash Cattle to Trade

GENERAL COMMENTS:

The livestock complex is trading lower into Friday's noon hour as the lean hog market simply doesn't have the support it needs fundamentally or technically and the cattle complex is waiting for cash cattle to trade. A single bid is currently on the table in Nebraska, but otherwise nothing has surfaced in the cash sector. March corn is up 1/2 cent per bushel and March soybean meal is down $0.50. The Dow Jones Industrial Average is up 210.80 points and NASDAQ is up 128.04 points.

LIVE CATTLE:

The live cattle complex has drifted slightly lower as traders try to remain patient, waiting for cash cattle to trade. It's fully assumed prices will be higher later Friday when trade develops, but the real question is: How much higher? February live cattle are steady at $242.50, April live cattle are down $0.67 at $239.97 and June live cattle are down $0.45 at $235.90. A single bid is currently on the table in Nebraska at $238, but otherwise no news has developed. Asking prices remain firm in Texas at $245 to $247, but aren't clearly established elsewhere.

Boxed beef prices are mixed: choice down $0.45 ($364.39) and select up $0.26 ($363.29) with a movement of 30 loads (24.05 loads of choice, 2.18 loads of select, zero loads of trim and 3.48 loads of ground beef).

FEEDER CATTLE:

Keeping in alignment with the live cattle contracts, the feeder cattle complex is trading slightly lower as well. March feeders are down $0.02 at $365.70, April feeders are down $0.72 at $362.90 and May feeders are down $0.95 at $358.95. Demand has mostly higher this week in the countryside for both feeders and calves, but there has been notable interest in the heavier weight feeders that will make grass cattle in a few months.

LEAN HOGS:

In keeping with its lower trend, the lean hog complex continues to lose position as the market anticipates more supply to be working its way into the system, which causes traders some fear that pork cutout values could weaken. Not to mention, just a little over a week ago the market did reach new all-time highs in the futures complex which put heavy pressure on the market's technical side. April lean hogs are down $0.30 at $91.52, June lean hogs are down $0.75 at $104.80 and July lean hogs are down $0.87 at $106.47.

The projected CME Lean Hog Index for 2/12/2026 is up $0.04 at $86.93 and the actual index for 2/11/2026 is up $0.37 at $86.89. Hog prices are unavailable on the Daily Direct Morning Hog Report because of confidentiality. However, we can see that only 409 head have traded this morning, and that the market's five-day rolling average sits at $86.91. Pork cutouts total 174.97 loads with 140.53 loads of pork cuts and 34.44 loads of trim. Pork cutout values: down $0.78, $94.87.